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FinTech Consulting Services
Leveraging our FinTech Consulting experience, we employ our proven approach in process reviews, tech risk management, and third-party audits for Indian financial services clients.
Private Client Services Preserving family legacy and passing on the baton
While wealth is what excites everybody and draws utmost attention, it is good governance and robust compliance that ensures sustained wealth over generations.
The drive, determination and never say die spirit is what drives family businesses. Studies have concluded that family-owned businesses tend to outperform non-family-owned businesses due to multiple reasons. Their long-term outlook, ability to resist the temptations of the capital markets, which usually react to short-term events and reward quarterly achievement of financial results, is what works in the favour of the former. Long-term view allows these businesses the ability to invest in their foundations, conduct research and development as well as other institution building initiatives.
However, challenges of succession, alignment of ownership interests and strategic outlook amongst family members are some of the challenges that more than half the family-owned businesses find when setting up a formal succession and retirement plan. Therefore, to perpetuate the business, it is imperative that the founder or the family patriarch implements a strategy that delivers these objectives.
Family businesses are founded on mutual understanding and cooperation. This is why they succeed. However, faith, understanding and heritage can offer a limited scope for growth. With changing times, it is essential to choose the right governance practice to mitigate fraud and ensure long-term success. As wealth and assets are created over a lifetime, it is pertinent to preserve and protect the same for passing on from one generation to another. Our bespoke offering helps you realise your goals, be it setting up family governance charter, trusts, wills, estate planning, overseas expansion, or philanthropy.
Pallavi Joshi Bakhru Partner & Leader, Private Client Services, Grant Thornton BharatWhat comprises a family-owned business?
A passionate and dedicated family business thrives on strong value systems, stable leadership and quick decision-making abilities. However, as businesses scale, the challenges of building a multi-generational business, which perpetuates the legacy of the founder, become critical. A family-owned business conventionally refers to a business where the family members are active in the business and have at least 20% economic interest in it. Often, wealthy families consider establishing a family office to manage their investments, reporting, philanthropic and financial responsibilities. In order to properly structure and staff a family office, an analysis of tax and governance considerations is key, along with a deep understanding of the family’s short and long-term business goals and objectives.
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How Grant Thornton Bharat can partner with you
We advise clients on what they need to do and not just ‘what we know’
Our motto is to ensure clients operate within the rules and make their wealth work in a way that suits their needs. We work with high-net-worth individuals and families, business owners and family offices helping them structure their domestic and international affairs in an efficient and compliant manner. We understand client's needs and deliver exceptional service through practical, bespoke advice, tailored to their priorities. We bring advice to life.
We understand every person’s financial situation and needs are different
A private individual or a family office, Grant Thornton Bharat provides seamless advice on a range of issues related to taxation and regulatory matters. The Private Client Services team consists of specialists who leverage their multi-disciplinary skills to holistically advise family-owned businesses on diverse matters such as:
We help private clients globally design and put in place a cohesive framework to hold their assets and administer them in partnership with various stakeholders.
- Personal residential status
- Planning & acquiring second residences
- Impact on your effective rate of tax
Be it estate planning, overseas expansion, philanthropy, asset protection or setting up family governance charter, managing a family office, our bespoke solution helps realise these goals.
- Set up a family governance charter and implement it
- Communication protocols between family, business and the family inter-se
- Provide a platform for conflict resolution through dialogue and conciliation
We bring experience of working with entrepreneur-backed companies and owners to provide real life, personalised solutions to help family-owned businesses grow, preserve their legacy and transfer the reins to the next generation.
- Succession planning
- Estate and wealth transfer over generations
- Testamentary Trusts
- Wills
We work with high-net-worth individuals and families, business owners and family offices helping them structure their domestic and international affairs in an efficient and compliant manner.
- Structuring and managing your family office
- Validation of return on investments
- Seamless transition from one generation to next
We understand the importance of being compliant to regulations/laws, realigning business operations by adhering to timelines. To help clients, we have created an integrated technology platform that brings together a solution beyond the complexities of law and presents a real time status.
- Internal compliance management
- Event-based compliance
- Real-time and automatic updates
- E-vault
Why choose us
We help private clients globally design and put in place a cohesive framework to hold their assets and administer them in partnership with various stakeholders
Setting up of trusts and wills
Our solutions help family-owned businesses grow, preserve their legacy, and transition to the next generation, leveraging our experience with entrepreneur-backed companies
Family constitution and governance charter
We support clients in setting up a family governance charter to define family & business legacy and enable its transition from generation to generation
Personal compliance tool
Personal compliance tool covers compliances beyond the statutorily mandated ones
Second residences
We help clients worldwide manage assets, including personal residential status, acquiring second residences, and minimising tax impact
Request for proposal
Submit a request for a proposal to explore how our services can help you and your company.